A Former National President of the Nigerian Bar Association (NBA), Dr Olisa Agbakoba (SAN), has called on the Federal Government to review laws guiding the exploration of oil and gas in the country, calling on President Bola Ahmed Tinubu to step down as the Minister of Petroleum and appoint a substantive minister to oversee necessary reforms urgently needed to transform the sector.
Agbakoba was speaking to newsmen in his Lagos office. He said that Nigeria has not been maximising potential in the oil industry because of its “contract oil” model, which allows oil and gas governance in Nigeria, primarily implemented by Joint Ventures (JVs) and Production Sharing Contracts (PSCs) at the detriment of Nigerians and the Federal Government.
He suggests a “development oil” approach that views oil and gas not just as commodities, but as strategic assets for driving comprehensive national development, said “this approach aligns the oil and gas sector with broader national interests and development goals.
“By adopting a “development oil” approach, Nigeria can transform its massive natural resources into an engine of sustainable growth, infrastructural development, and improved living standards for its citizens. He stated.
“If the country adopts a “development oil” approach, like Saudi Arabia, Libya, Malaysia and Norway, it can reclaim control over its vital oil and gas sector and transform it into a powerful engine for national development.
“The current exit of IOCs presents both a challenge and an opportunity for new Nigerian actors in the oil and gas sector. In collaboration with the Federal Government, these actors must rise to the occasion and build a new strategy for oil and gas exploration based on development oil principles.” The senior lawyer stated.
“This approach not only promises economic growth but also reaffirms Nigeria’s sovereignty over its natural resources, as well as ensuring that they are managed for the welfare and security of all Nigerians as mandated by the Constitution.” He added.
He threatened legal action against the Federal Government if it refused to review the oil and gas law and also called on a repeal of the Petroleum Industry Act (PIA).
